SGD New Issue Review : Swiber 2Y 5.25%

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Issuer: Swiber Holdings Ltd.
• Status: Direct, unconditional, unsubordinated and unsecured notes
• Rating: Unrated
• Format: Reg S, S274 & 275 of Singapore SFA
• Tenor: 2 Years
• Price guidance: 5.25% area
• Use of proceeds: Refinancing existing borrowings of Issuer and its subsidiaries

March Vallianz 2Y  Current Price 100.65/101.00
April Swiber 2.5Y Current Price 100.25/100.65May Vallianz 2.5Y Current Price 100.50/100.70

Today Swiber 2Y.

Very nice pattern here.

I cannot say anymore about these companies because the bond prices are higher although their stock prices are not doing too well – not sure about the reason for Swiber’s share price dipped 10% lately.

Could be due to the “Sell” recommendation out of UOB and the news that weak earnings may persist for now from OCBC.

What do I  think ?

I guess they just like to pay more interest expenses or set a new record for financial leverage, because they have finally overtaken Olam and catching up with Oxley.




For my analysis of Swiber, please read the link above.